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1998年以来我国不同所有制煤炭企业的资本结构走势截然对立,当国有煤炭企业资产负债率一路上扬时,非国有煤炭企业的资产负债率却进入了稳定的下降通道。根据权衡理论和顺序融资理论,文章采用1998—2009年规模以上煤炭企业微观的数据样本,对影响煤炭企业资本结构的因素展开了动态面板实证研究回归,并基于回归结果对企业资本结构演变进行了模拟。结果表明:企业资本结构受多种因素影响,广受关注的所有制差异确实对煤炭企业资本结构的差异性变动有影响,但是程度很有限。对不同所有制煤炭企业资本结构差异造成最大影响的因素是企业的盈利能力因子,非国有企业相对较高的盈利能力解释近一半的资本结构差异。
Since 1998, the capital structure of different ownership coal enterprises in China has a diametrically opposite trend. As the asset-liability ratio of state-owned coal enterprises has risen all the way, the debt-to-asset ratio of non-state-owned coal enterprises has entered a steady downward spiral. According to trade-off theory and sequential financing theory, this paper uses the micro-data samples of coal enterprises above designated size from 1998 to 2009 to carry out a dynamic panel empirical regression study on the factors that affect the capital structure of coal enterprises. Based on the regression results, the evolution of corporate capital structure simulation. The results show that the capital structure of enterprises is affected by many factors. The wide spread ownership difference does have an impact on the variation of capital structure of coal enterprises, but to a limited extent. The factors that have the biggest impact on the differences in capital structure among different coal ownership enterprises are the profitability factors of the enterprises. The relatively high profitability of non-state-owned enterprises explains nearly half of the capital structure differences.